I am thinking of letting my house go because the payments are too high and the neighborhood is becoming run down. If I do so, will it hurt my credit so bad that I can not buy a car or anything else if I need it?
2006-08-06 00:44:35 · 2 answers · asked by TONYA S 1 in Business & Finance ➔ Credit
Having worked in law for over 15 years my answer is pretty much RIGHT ON! YES....it will have drastic affects on your credit. A BK is easier to come out of then having a FORECLOSURE on your credit. It stays on your credit profile for 7 years but even then it is very difficult to have it removed or changed. You are much better off thrying to sell your property even if you have to carry back a second to get it done. If you need help or advise doing this email me at: RAYFIELDENT@MAIL.DK and I will walk you through what you need to do.
2006-08-06 00:55:39 · answer #1 · answered by daneland2 2 · 1⤊ 0⤋
Foreclosure means you are noit able to satisfy your debt. Of course, this will be reflected on your credit standing in a NEGATIVE way. It could drop you down to a "poor risk" rating, and you wouldn't be able to get credit for bubble gum.
2006-08-06 07:53:53 · answer #2 · answered by WC 7 · 0⤊ 0⤋